The Role of Private Placements in Corporate Finance.

1973 ◽  
Vol 28 (5) ◽  
pp. 1399
Author(s):  
Avery B. Cohan ◽  
Eli Shapiro ◽  
Charles R. Wolf
Keyword(s):  
Corporate Finance ◽  
Private Placements

The Importance of Blockholder Heterogeneity: Security Market Effects and Follow-On Activities

2018 ◽  
Vol 54 (1) ◽  
pp. 101-153 ◽  
Author(s):  
Jim Hsieh ◽  
Tao-Hsien Dolly King
Keyword(s):  
Hedge Funds ◽  
Security Market ◽  
Target Firm ◽  
Market Effects ◽  
Bond Returns ◽  
Target Firms ◽  
Performance Consequences ◽  
Private Placements ◽  
And Performance

Recent research on blockholders focuses on activist hedge funds and documents positive stock but negative bond returns. This study investigates the role of blockholder heterogeneity on security market effects and target firm follow-on activities across three important dimensions: identity, motive, and purchasing method. We show that target firms’ security returns and post-acquisition activities strongly correlate with blockholder heterogeneity. Further, bond returns are significantly positive for firms with blockholders’ debt-assistance motive while both stock and bond returns are significantly negative in private placements. Overall, our findings highlight the importance of blockholder heterogeneity on the valuation and performance consequences in block acquisitions.

THE GROWING ROLE Of JUNK BONDS IN CORPORATE FINANCE

1988 ◽  
Vol 1 (1) ◽  
pp. 37-45 ◽  
Author(s):  
Kevin J. Perry ◽  
Robert A. Taggart
Keyword(s):  
Corporate Finance ◽  
Junk Bonds

scholarly journals Corporate financing as a special process. The role of microcredit in it is organization

2018 ◽  
Vol 80 (3) ◽  
pp. 494-499
Author(s):  
L. V. Kislitsyna ◽  
E. S. Krikun ◽  
N. S. Suvorov
Keyword(s):  
Corporate Finance ◽  
Complex Structure ◽  
Financial Security ◽  
Structural Units ◽  
Corporate Financing ◽  
Special Result ◽  
The One ◽  
Qualitative Characteristics ◽  
Special Process

The operation of any company implies in practice the solution of a large number of issues, including the organization of the financing process. In the theory of corporate finance, there are different methods that significantly facilitate the work of financial managers in this part. At the same time, it is important and significant that in some cases, practitioners face a number of problems that are not prescribed by classical methods. The situation is exacerbated by the solution of financing issues within the complex structured companies, which have become a special result of the capital structuring. Their complex structure often combines the signs of formal and informal holdings. A large number of participants in these structures (such as subsidiaries and affiliates, affiliates, structural units), organization of relations with customers, suppliers and contractors significantly complicate most financial processes, including the financing process. In such cases, there is an urgency to clarify the qualitative characteristics of financing, necessity in determining the role and extent of the influence of "hidden" financing sources on the result and efficiency of capital use. Actually, microlending is the one of these sources.This type of financing is used by companies, being contractors of large businesses, use this resource for financial security purposes

Construction business failure: conceptual synthesis of causal agents

2013 ◽  
Vol 13 (1) ◽  
pp. 50-76 ◽  
Author(s):  
Gary D. Holt
Keyword(s):  
Corporate Finance ◽  
Construction Management ◽  
Health Assessment ◽  
Business Failure ◽  
Content Type ◽  
Published Evidence ◽  
Relationship Model ◽  
Generic Agent ◽  
Financial Company

PurposeBusiness failure has evolved a major research domain, both of corporate finance generally and of construction management, equally. Much of this attention has focused on assessing business “health” to predict longevity, but less so, on causal agents of failure. The aim of this study is to synthesise published knowledge in the subject domain to explore construction failure agents.Design/methodology/approachExtant literature drawn from both corporate finance and construction management disciplines are synthesised. Subjective, textual analysis is undertaken and causal agents thematically grouped. A failure relationship model is derived that conceptualises construction business failure in relation to its operating universe.FindingsGeneric failure agents (GFA) (ordered, based on percentage frequency among the literature observed) are shown to be: managerial, financial, company characteristics, and macroeconomic. The first three are proffered to reciprocally interact within a “universe” defined by the latter. Numerous sub‐causal agents (SCA) are attributed to each generic agent. The role of innovation is suggested to hold potential negative (as well as positive) impacts on mitigating GFA and SCA.Research limitations/implicationsLimitations relate to synthesis of contemporary published evidence, so a progressive iteration would be empirical study of identified agents within live construction environments. An implication is the call for research realignment; from emphasis on business health assessment, to that of root causal agents.Practical implicationsAdvancement of theory relating to business failure has significant implications for construction management research.Originality/valueThe failure relationship model and its linkage to innovation is novel.

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